Business Outlook Survey Table of Results, March 2004

March 2004

                     March vs. February       |        Six Months from now
                                              |              vs. March
                                              |
               Prev.                          |  Prev.
               Diff.  Inc. No ch. Dec. Diff.  |  Diff.  Inc. No ch. Dec. Diff.
               Index                   Index  |  Index                   Index
                                              |
General Busines  31.4  43.1  38.1  18.8  24.2 |    51.4  48.6  31.5  12.0  36.7
Conditions                                    |
                                              |
New Orders       27.8  43.6  33.3  21.7  21.9 |    55.3  48.5  28.2  15.0  33.6
                                              |
Shipments        19.3  43.2  34.0  20.9  22.3 |    48.6  52.7  22.3  16.4  36.3
                                              |
Unfilled Orders   4.4  24.9  54.8  16.1   8.8 |    25.7  23.5  56.6  11.1  12.4
                                              |
Delivery Times    7.2  24.9  66.7   5.8  19.0 |    13.6  15.3  66.3   7.8   7.5
                                              |
Inventories       0.8  14.0  57.1  26.8 -12.8 |    14.0  22.2  48.9  23.0  -0.8
                                              |
Prices Paid      43.7  55.8  41.8   2.4  53.4 |    53.8  57.0  29.9   1.7  55.3
                                              |
Prices Received  18.9  28.2  63.8   5.6  22.6 |    37.3  33.8  50.1   5.6  28.2
                                              |
Number of Emp.   12.5  23.9  62.5  11.6  12.3 |    19.5  36.6  42.4   9.9  26.7
                                              |
Avg. Emp. Wrkwk  23.6  31.8  46.2  13.9  17.9 |    15.4  25.5  51.9  12.8  12.7
                                              |
Capital Ex.       --    --    --    --    --  |    24.1  27.3  32.9   2.9  24.4


Notes: (1) Items may not add to 100 percent because of omission by respondents.
       (2) All data are seasonally adjusted.
       (3) Diffusion indexes represent the percentage of respondents indicating
           an increase minus the percentage indicating a decrease.
       (4) Survey results reflect data received through March 12, 2004.